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The Price of Economics

Thank you Mariano Torras. You said the following in a letter to the Financial Times: “I would venture that there is a professional motive for perpetuating — through the use of elegant and abstract models — the fantasy that economics is a science.  The prestige, the stature and influence that such a myth permits is undeniable.  Yet, […]

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Share Buybacks — Again?

What isn’t said is often more telling than what is.  The silence denotes either a disrespect for thorough analysis or an ignorance of issues beyond the ken of the speaker.  Then, of course, a third option arises: that those issues are an embarrassment to the point being made and are thus best left unmentioned. For […]

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“L” is for Lumberjack

Pick up Daron Acemoglu’s outstanding textbook “Introduction to Modern Growth” and open it randomly to any page.  There before you will be a few lines of text scattered amongst a variety of mathematical equations of varying density, complexity, and inscrutability.  It really is a wonderful book and pulls together all the wisdom existing in economics […]

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